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September 30,
2010 by in UnCategorized 
By Home Furnishings Business in High Point on October 1, 2010
High Point accounting and consulting firm Smith Leonard has been cited as one of America's
"2010 Best Accounting Firms To Work For."The annual List of Best Accounting Firms was created and is distributed by Accounting Today and Best Companies Group.
Ken Smith, Smith Leonard managing partner, said the survey and award program was designed to identify, recognize and honor the best places of employment in the accounting industry. Winners are selected based on a two-part survey process. The first part evaluates each nominated firm's workplace policies, practices, philosophy, systems and demographics. The second part is an employee survey to measure the employee's experience.
"Naturally, we're gratified to be named in this listing," Smith said. "It's a tribute to our entire team, but the truth is it's just as much a tribute to our valued clients. We're grateful for their support, and we're thankful to all our associates for their loyalty and dedication."
The ranking of the 3rd annual Best Accounting Firms to Work For will be unveiled at an awards ceremony during Accounting Today's Growth & Profitability Summit on Nov. 17 at the Wynn Resort in Las Vegas. The list-making firms also will appear in the Dec. 13 issue of Accounting Today.
Smith Leonard primarily serves the North Carolina Piedmont Triad, but the firm's reach extends into South Carolina, Virginia and beyond. The practice is also an independent member of the BDO Seidman Alliance, a nationwide association of independently owned accounting and consulting firms.
September 29,
2010 by in UnCategorized
By Home Furnishings Business in on September 30, 2010
New orders for furniture from furniture retailers crept up 3 percent in July 2010, compared with the same month a year ago.
That's according to the latest Furniture Insights survey of residential furniture manufacturers and distributors from the High Point accounting and consulting firm Smith Leonard.
While orders rose in July, the industry still has a lot of ground to recover. New orders in July 2009 were off 16 percent from July 2008; and July 2008 orders were off 17 percent from July 2007. This July 2010 increase was smallest increase since orders were flat in October 2009 compared with October 2008.
Through July, new orders increased 9 percent over last year, down from 10 percent last month. Last year, the first seven months were off 20 percent from 2008.
July shipments rose 15 percent over July 2009, once again eating into backlogs. Shipments were off 16 percent from June, but Smith Leonard Managing Partner Ken Smith noted that most companies take at least one week off in July. Shipments are now up 8 percent year-to-date, up from 7 percent last month. At this time last year, shipments were off 20 percent from 2008.
Backlogs were 27 percent above last year, down from a 35 percent increase reported last month, as shipments exceeded new orders.
Receivables rose 12 percent over July 2009 levels, somewhat in line with the 15 percent increase in shipments over last year. But receivables fell only 3 percent from June, while shipments were off 16 percent from June.
"We hope that is timing, as most of July shipments would have been made in the latter part of July with payments made in August," Smith said.
Inventories rose 4 percent in July from June levels, when they were up 5 percent over May. Inventories are now up 6 percent over July 2009, up from a 2 percent increase last month.
The number of furniture factory and warehouse employees increased 3 percent over July 2009, up from a 2 percent increase last month. July results were about even with June levels. Factory and warehouse payrolls rose 17 percent from last July, about the same increase as last month. Last year, factory and warehouse payrolls were down 17 percent from July 2008. Year-to-date, payrolls are up 12 percent over last year, again about the same as reported last month.
"The results for July orders were somewhat disappointing, though really not unexpected based on our conversations with those in the industry," Smith said in his summary."The good news is, there was continued improvement in orders, albeit a smaller increase. Shipments on the other hand were good, which will eventually help cash flow.
"The changes among participants continue to be widespread with some reporting significant double digit improvements, while others report significant declines. We expect any given month can produce widespread differences. Overall though, with about two-thirds of the participants up for the year, that is not a bad thing considering how bad 2008 and 2009 were."
Smith doesn't expect much improvement when August numbers come in, and said conversations on September have been "mixed."
"We continue to hear of good weeks and bad weeks, with little concentrated traction," he said. "We were talking with someone a week or two ago discussing the industry and the decline in shipments. One of the things we wondered was the impact of declining prices of furniture on the statistics. A few years ago, that dining room suite that sold at wholesale for $2,000 now is imported and sold at $800. Those kinds of comparisons really have an impact on the industry numbers. We have always wished we could get a comparison of units sold, but that information is not available as far as we know. Mainly because there is no real definition of what a unit is."
Smith noted that Pre-Market was well attended and the mood was very good.
September 29,
2010 by in UnCategorized
By Home Furnishings Business in economic news on September 30, 2010
New orders for furniture from furniture retailers crept up 3 percent in July 2010, compared with the same month a year ago.
That's according to the latest Furniture Insights survey of residential furniture manufacturers and distributors from the High Point accounting and consulting firm Smith Leonard.
While orders rose in July, the industry still has a lot of ground to recover. New orders in July 2009 were off 16 percent from July 2008; and July 2008 orders were off 17 percent from July 2007. This July 2010 increase was smallest increase since orders were flat in October 2009 compared with October 2008.
Through July, new orders increased 9 percent over last year, down from 10 percent last month. Last year, the first seven months were off 20 percent from 2008.
July shipments rose 15 percent over July 2009, once again eating into backlogs. Shipments were off 16 percent from June, but Smith Leonard Managing Partner Ken Smith noted that most companies take at least one week off in July. Shipments are now up 8 percent year-to-date, up from 7 percent last month. At this time last year, shipments were off 20 percent from 2008.
Backlogs were 27 percent above last year, down from a 35 percent increase reported last month, as shipments exceeded new orders.
Receivables rose 12 percent over July 2009 levels, somewhat in line with the 15 percent increase in shipments over last year. But receivables fell only 3 percent from June, while shipments were off 16 percent from June.
"We hope that is timing, as most of July shipments would have been made in the latter part of July with payments made in August," Smith said.
Inventories rose 4 percent in July from June levels, when they were up 5 percent over May. Inventories are now up 6 percent over July 2009, up from a 2 percent increase last month.
The number of furniture factory and warehouse employees increased 3 percent over July 2009, up from a 2 percent increase last month. July results were about even with June levels. Factory and warehouse payrolls rose 17 percent from last July, about the same increase as last month. Last year, factory and warehouse payrolls were down 17 percent from July 2008. Year-to-date, payrolls are up 12 percent over last year, again about the same as reported last month.
"The results for July orders were somewhat disappointing, though really not unexpected based on our conversations with those in the industry," Smith said in his summary."The good news is, there was continued improvement in orders, albeit a smaller increase. Shipments on the other hand were good, which will eventually help cash flow.
"The changes among participants continue to be widespread with some reporting significant double digit improvements, while others report significant declines. We expect any given month can produce widespread differences. Overall though, with about two-thirds of the participants up for the year, that is not a bad thing considering how bad 2008 and 2009 were."
Smith doesn't expect much improvement when August numbers come in, and said conversations on September have been "mixed."
"We continue to hear of good weeks and bad weeks, with little concentrated traction," he said. "We were talking with someone a week or two ago discussing the industry and the decline in shipments. One of the things we wondered was the impact of declining prices of furniture on the statistics. A few years ago, that dining room suite that sold at wholesale for $2,000 now is imported and sold at $800. Those kinds of comparisons really have an impact on the industry numbers. We have always wished we could get a comparison of units sold, but that information is not available as far as we know. Mainly because there is no real definition of what a unit is."
Smith noted that Pre-Market was well attended and the mood was very good.
September 29,
2010 by in UnCategorized
By Home Furnishings Business in Case Goods on September 30, 2010
Steve Wolfe has joined Stanley Furniture (NASDAQ: STLY) in the new position of vice president of global supply chain and logistics.
Wolfe will manage the company's supply chain and provide strategic and managerial leadership for Stanley Furniture's overseas logistics planning, transportation, warehouse management and delivery as Stanley transitions itss adult product line from a partially domestic manufacturing model to a sourced one.
Wolfe has an extensive background in supply chain management and synchronization, international logistics, domestic and international transportation, carrier selection and negotiations, inventory management and forecast and demand planning.
A graduate of the University of Tennessee with a Bachelor's degree in transportation and logistics, Wolfe has nearly 30 years of experience in the furniture industry. After stints at both Broyhill Furniture Industries and Bernhardt Furniture, Wolfe most recently was executive vice president at Zenith Global Logistics in Conover, N.C.
"The initial success of our Spring Market and Fall Pre-Market introductions encourage us that our transition is headed in the right direction," said Stanleytown, Va.-based Stanley Furniture's COO, Micah Goldstein. "Now that weve proven we can deliver on our product development promises, customers are looking to us to continue flowing product on a consistent basis. Steve has a successful track record of helping companies do just that."
"Steves experience affords him a unique perspective when it comes to overseas and domestic logistics practices that have been successful in our industry," said Glenn Prillaman, Stanley Furniture's President and CEO. "He will be a tremendous asset to our company and to the team of people who are leading Stanley Furniture back to a position of prominence in the industry."
In his new role Wolfe reports to Chief Operating Officer Micah Goldstein. Larry Hagwood, Paula Wyatt and Pam Crum report to Wolfe, as well as traffic line-up specialists Sharon Deaton and Jeff Masters.
September 29,
2010 by in UnCategorized
By Home Furnishings Business in Bedding on September 30, 2010
Organic Mattress Inc.'s OrganicPedic bedding has been showcased in the Green Access Home, an environment-friendly show home in Cle Elum, Wash.
The Green Access House in Suncadia is a 2,000-square-foot, three-bedroom, two-bath contemporary mountain cabin that was constructed by a collective group of green contractors, designers and environmental experts to showcase universally accessible, affordable and cost-effective, earth-friendly and sustainable building methods, materials and furnishings. The home is open for public viewing on select dates in September and October.
"We wanted to showcase an organic mattress that truly lived up to its name, and that was OMI," said Linda Schoener of the interior design team Hendredon & Schoener. "Not only are OMI mattresses created with the purest raw materials available, they are manufactured in a way that maintains their purity while protecting the environment, which was very important to the integrity of this project."